Market Update:
The market is pulling back after the major indices smacked into formidable resistance on Monday (declining 50 DMA lines and Feb’s high/the middle of the double bottom pattern). So far this is perfectly normal to see stocks “back and fill” a little as the market pauses to digest the recent (and robust) rally – off the Feb 11 low. Since the Feb 11 low, the S&P 500 vaulted nearly 7% so it has earned the right to pause and digest that move. We don’t like the action and will be selling if the market continues to fall. We are approaching the last week of the month and we would not be surprised to see the market try to rally over the next few days. Remember, most bear market rallies tend to last 4-10 weeks, this is only the second week. So if it fails now, we are probably headed much lower.
FLS Portfolio
The service moved the stop up to breakeven and is happy with it’s current exposure.
A. The service owns: QQQ +2.06%
B. The service will exit: QQQ @ 98.74
B. The service will exit: QQQ @ 98.74
Working Orders:
There are no new working orders today
There are no new working orders today
Disclaimer:
This analysis contains information from resources believed to be reliable but are not guaranteed as to accuracy or wholeness as of the date of this publication. Past performance is not necessarily indicative of future results. There is always a risk of loss in trading and investing. Opinions articulated are subject to change without notice. This analysis and any opinions expressed are intended for educational purposes only and should NOT BE interpreted as a call for engagement in any transaction involving the purchase or sale of any security or investment product or service. The risk of loss in investing and or trading can be substantial, and traders/investors should carefully consider the inherent risks of such an investment in light of their financial condition. The author, firm, associates, or the firm’s clients may have a position in any of the investments mentioned and their positions are subject to change without notice. Any reproduction or retransmission of any portion of this report without the express written consent of Sarhan Capital is strictly prohibited.
